LBRY CEO, Takes on SEC: says the SEC Is ‘Out to Damage Crypto’

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LBRY CEO, Takes on SEC: says the SEC Is ‘Out to Damage Crypto’
  • CEO of LBRY says that the SEC is out to damage and destroy crypto in the U.S.
  • Kaufman’s T-shirts portray more than what his words could.
  • SEC Chairman says that no honest business needs to fear the SEC.

Jeremy Kaufman, the CEO of LBRY, called out regulators following the many charges and legal actions the Securities and Exchange Commission (SEC) made against LBRY at Messari’s Mainnet conference in New York.

LBRY, a blockchain-based file-sharing and payment network, was charged with selling unregistered securities in March 2021. Despite the many conundrums surrounding this case, LBRY has been charged with raising $11 million by selling LBRY Credits, tokens that are now being used to upload files and make payments on the blockchain-based platform.

However, the amount was raised even before the platform was built.

While citing this case as an example and warning the house that this would apply to any company present here, Kaufman said:

The SEC has very much demonstrated that they are out to damage or destroy the cryptocurrency industry in the United States.

In the event, Kaufman’s comments fell on deaf ears; he even went to the extent of wearing a T-shirt to portray his thoughts.

Meanwhile, the SEC’s Chairman, Gary Gensler, in early September, in one of his speeches, said:

No honest business need fear the SEC.

Furthermore, in the “Draft FY22-26 Strategic Plan for Public Comment” press release, Gensler, speaking on behalf of the SEC, said that their main intention was to protect working families against fraud and manipulation; develop and implement a robust regulatory framework, and support a skilled workforce.

Meanwhile, the SEC and LBRY will appear before the court on October 4.

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